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Fortescue launches US$1.40B buyback of 2022 notes

Fortescue Metals Group Ltd. said Feb. 21 that it launched an offer to purchase for cash up to US$1.40 billion in aggregate principal of its 9.750% senior secured notes due 2022.

The Australian iron ore producer recently secured a US$1.40 billion term loan facility to redeem the notes.

The early participation date for the offer is March 7, and the offer is set to expire March 21.